Catherine Murphy (Kildare North, Independent)

I wish to share time with Deputies Mattie McGrath, Thomas Pringle, Clare Daly and Richard Boyd Barrett.

I listened carefully to the Taoiseach's statement, one paragraph of which shocked me. He stated, "It is in Ireland's vital national interest that each and every member state of the euro area implements completely and without delay the full range of commitments it has entered into." While I fully understand the relationship between each country and how one can have an extremely negative impact on the other, I am shocked that this is the approach being taken by the Taoiseach. This is because it ignores one fundamental issue, that Ireland will be signing up to implement fully a GDP-to-debt ratio of 60% at a time when its ratio is almost double that figure. Moreover, we will be obliged to reduce it by one twentieth each year and we will be signing up to sanctions if we do not do this.

On the other hand, the Taoiseach referred to the need for growth and stated, "Growth will not generate itself. We must create the right conditions and environment to nurture it across the European Union." While we may think we are broke now, were we to sign up to this compact without securing some commitment in respect of dealing with the debt, our prospects for growing the economy would be absolutely gone. Had Ireland been invaded, had a war taken place here or had Ireland instigated a war, we would have been given time to pay war reparations. The problem is that although we face all the financial problems of a war, we have no rebuilding to go with it. Something like the Marshall Plan implemented after the Second World War is needed, but that is not happening. The Taoiseach's speech is at variance with the draft under discussion because the draft is only about austerity and I cannot discern anything within it that provides any prospects for growth.

I wish I had more time to discuss this issue, but as a final point, I note the Taoiseach stated, "The EU institutions will have a key role to play." What about the Commission, the Parliament, the Council of Ministers and the veto? None of that matters because it all has been sidelined by this intergovernmental arrangement.

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